The nature and purpose of economic activity s 2.0 / 5 based on 2 ratings ? Business StudiesAll Levels Created by: WilliamCreated on: 30-09-10 12:33 Goods GOODS 1 of 12 tangible products that can be touched or consumed. 2 of 12 Services SERVICES 3 of 12 Things other people or business do for you. 4 of 12 Need NEED 5 of 12 Something necessary to sustain life 6 of 12 Want WANT 7 of 12 Something chosen to satisfy a need or to make life more enjoyable 8 of 12 Effective demand EFFECTIVE DEMAND 9 of 12 Demand for a product that is backed up by an ability and willingness to pay for it. 10 of 12 oppertunity cost OPPORTUNITY COST 11 of 12 The cost of one item in one terms of the next best alternative that must be forgone 12 of 12
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